Gene Munster, a managing partner at the US-based venture capital firm Loup Ventures, recently asserted that the primary cryptocurrency is “not a good bet” when it comes down to speculation.
- Appearing on CNBC’s Squawk Box, Munster compared the recent price developments of bitcoin with Tesla’s stocks, and especially the “big moves up and down.” Consequently, he advised people to refrain from speculating on BTC’s price.
- Instead, Loup Ventures’ executive noted that investors should focus on the idea of bitcoin to “transform currencies globally” and the technology behind the asset.
“I think that there’s a place for that [bitcoin]. I think tech does have a place when it comes to monetary mechanisms. I think that over time, you are going to see bitcoin continue to move higher.”
- Furthermore, Munster highlighted the importance of the newly-entered institutions and professional investors, instead of “your Uber driver telling you to buy bitcoin.” According to him, this is a clear sign that the cryptocurrency is “starting to move in a more credible direction.”
- This year has indeed turned out to be the grand entrance of institutions and large investors. The leading digital asset manager Grayscale continues to display record-breaking quarterly inflows for its Bitcoin Trust. Giant legacy investment companies such as BlackRock have praised BTC, while names like Paul Tudor Jones III and Stan Druckenmiller have openly acknowledged purchasing bitcoins.
Featured Image Courtesy of CNBC
Source: Crypto Potato